The Potential of Auction as Part of Home Selling Strategy

Posted by Staff Reporter on Feb 09, 2016 08:50 PM EST
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$1 Reserve Blacktown Home Goes To Auctionmore big
Caption:BLACKTOWN, AUSTRALIA - FEBRUARY 14: Auction signs stand on display before the home auction for a four-bedroom house at 230 Blacktown Road on February 14, 2015 in Blacktown, Australia. The Blacktown home sold for AUD$565,000 at auction today, smashing the reserve set at AUD$1. The Sydney home auction clearance rate is expected to remain high following the Reserve Bank's interest rate cut to 2.25 per cent last week.
(Photo : (Photo by Mark Metcalfe/Getty Images))

Home selling like home buying is never easy. You need to have a strategy to be successful in selling your home. In selling a home, there are three main ways through which you proceed with your selling plan. You may try and choose from a Tender and Private sale, or even via Auction.

The latter approach has been increasingly becoming popular worldwide. It is a good method through which early sales can be achieved. In the following article of Rebecca Martindale, it highlighted some advantages of home selling via auction:

Selling Property By Auction - The Pros & Cons

 

Advantages of selling by auction

-In an auction scenario, it's harder for the buying public to determine true market value because it's difficult to compare other properties when they are not fully aware of the vendor's sale price expectations.

-An early sale can occur when a buyer feels 'pushed' to make an offer to buy the home before the auction day. Usually because they believe competition on auction day will be too fierce. Read original article...

 

Selling your property through auction is indeed promising. However, you should not act in haste, for there are things to consider first before proceeding with an auction. And these considerations can make or break the selling process. Caroline James shared her thought about auction preparation:

Is your home suitable for auction?


6 things to check before you auction your home

- Location

Is your property in a suburb that strongly favours auctions? If so, beware of selling any other way, says Frank Valentic, Managing Director of Advantage Property Consulting.

 - Price point

If you plan to sell a multi-million-dollar property a public auction is not usually the best way to do it. Read more...

 

These are some of the things to consider and check before proceeding with an auction. And for you to be more precise with your moves, it would be good to ask the advice and help of professional real estate agent to smoothen the process for you.

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